NuScale Power (SMR) Q3 2024 earnings summary

Executive summary

• NuScale advanced its SMR commercialization, remaining the only NRC-certified design in production, with ongoing regulatory review for a 77 MW module and new agreements in Romania and Ghana.

• Strategic partnerships, especially with Entra1 Energy and Fluor, are driving project advancement and attracting interest from hyperscalers, data centers, and global infrastructure investors.

• NuScale is transitioning from R&D to commercialization, with RoPower Nuclear S.A. as its primary customer after terminating the CFPP LLC contract.

• Manufacturing readiness is progressing through supply chain investments and partnerships, notably with Doosan Enerbility.

• International opportunities are expanding, with FEED Phase 2 underway for the Doicești project in Romania and new MoUs in Ghana.

Financial highlights

• Ended Q3 2024 with $161.7 million in cash, cash equivalents, and short-term investments, up from $125.4 million at year-end 2023; no debt.

• Q3 2024 revenue was $0.5 million, down from $7.0 million in Q3 2023; net loss was $45.5 million, including a $7.2 million non-cash warrant expense.

• Operating expenses dropped to $41.2 million from $93.9 million year-over-year, reflecting $52.7 million in cost reductions.

• Operating loss for Q3 2024 was $41.0 million, down from $92.9 million in Q3 2023.

• Raised $103.8 million from common stock issuance and $14.6 million from warrant and option exercises in the nine months ended September 30, 2024.

Outlook and guidance

• Upgrade to 77 MW module design remains on track for NRC approval by mid-2025, supporting larger, scalable deployments.

• Management believes current funds and cost optimization are sufficient for the next twelve months, but additional funding may be needed for long-term operations.

• Revenue recognition from a new fixed price contract is expected in Q4 2024 as performance obligations are met.

• Focus remains on securing additional customer commitments and advancing the project pipeline.

• Anticipates acceleration in nuclear development due to supportive policy environment and bipartisan backing.